G20 could introduce crypto regs in June
The international body will meet in Japan in two months to hash out new a new regulatory framework
Contrary to the wishes of some cryptocurrency fans, global regulations of the space are coming. It’s only a matter of time and it’s only inevitable, but they should be seen as a step forward for the industry. They will help provide a serious amount of confidence to crypto and digital assets that will help further adoption and ultimately lead to crypto taking its rightful place as a currency. Some of these regulations could come much sooner, as the G20 has announced that it will meet in June to discuss new guidelines and, at the same time, plans on having a new framework ready to be delivered.
The G20 member nations will meet in Fukuoka, Japan June 8 and 9. Their goal is to hash out anti-money laundering and anti-terrorist financing regulations and to have a framework ready before the summit is over. Participating in the summit will be the finance ministers of various G20 countries, as well as the governors of central banks, so that the framework can, in theory, be as well-rounded as possible.
According to Soichiro Takashima, the mayor of Fukuoka, “In the financial sector as well, the waves of innovation are surging and the world is keeping a close watch on future developments, lending great significance to Fukuoka’s hosting of the Finance Ministers and Central Bank Governors Meeting. My fellow citizens and I are determined to make this meeting a success.”
The G20 has already stated that it will support a number of initiatives regarding crypto regulations, including those established by the Financial Action Task Force (FATF). The group said last December, “We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”